The student paid an interest of $3,000 over the next five years.
HOW TO CALCULATE INTEREST:
The interest on a borrowed amount of money can be calculated by subtracting the principal from the amount paid over time. That is;
Interest = principal - amount
According to this question, a student borrows $10,000 from a bank but ends up paying $13,000. This means that the principal is $10,000 while the amount is $13,000. The interest is calculated thus;
Interest = $13,000 - $10,000
Interest = $3,000
Therefore, the student paid an interest of $3,000 over the next five years.
Learn more about interest at: brainly.com/question/4626564
